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Form 8-K CULLEN/FROST BANKERS, For: Jul 30

July 30, 2020 9:45 AM

Exhibit 99.1


A.B. Mendez
Investor Relations
210.220.5234
        or
Bill Day
Media Relations
210.220.5427


FOR IMMEDIATE RELEASE 
July 30, 2020



CULLEN/FROST REPORTS SECOND QUARTER RESULTS
Board declares third quarter dividend on common stock




SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported second quarter 2020 results. Net income available to common shareholders for the second quarter of 2020 was $93.1 million, compared to $109.6 million in the second quarter of 2019. On a per-share basis, net income available to common shareholders for the second quarter of 2020 was $1.47 per diluted common share, compared to $1.72 per diluted common share reported a year earlier. Returns on average assets and average common equity were 0.99 percent and 9.60 percent, respectively, for the second quarter of 2020 compared to 1.40 percent and 12.60 percent, respectively, for the same period a year earlier.

For the second quarter of 2020, net interest income on a taxable-equivalent basis was $269.7 million, down 2.9 percent compared to the same quarter in 2019. Average loans for the second quarter of 2020 increased $3.2 billion, or 22.1 percent, to $17.5 billion, from the $14.4 billion reported for the second quarter a year earlier. Excluding PPP loans, second quarter average loans of $15.1 billion represented a 4.7 percent increase compared to the second quarter of 2019. Average deposits for the quarter were $31.3 billion, up $5.3 billion, or 20.5 percent, compared to the $26.0 billion reported for last year's second quarter.




“Our second quarter results demonstrate our continued commitment to serving our customers and our communities during these challenging times," said Phil Green, Cullen/Frost Chairman and CEO. "We finished the second quarter with approximately $3.2 billion in PPP loans outstanding. I'm extraordinarily proud that our company has been such a source of strength for our customers and our communities, and also a force for good in their lives."

For the first six months of 2020, net income available to common shareholders was $140.3 million, down 37.4 percent compared to $224.1 million for the first six months of 2019. Diluted EPS available to common shareholders for the first six months of 2020 was $2.21 compared to $3.51 in the year-earlier period, representing a decrease of 37.0 percent. Returns on average assets and average common equity for the first six months of 2020 were 0.79 percent and 7.24 percent, respectively, compared to 1.44 percent and 13.32 percent, respectively, for the same period in 2019.

Noted financial data for the second quarter of 2020 follows:

•For the second quarter of 2020, credit loss expense related to loans was $27.2 million, compared to net charge-offs of $41.0 million. This compares with $172.9 million in credit loss expense related to loans and $38.6 million in net charge-offs for the first quarter of 2020, and $6.4 million in credit loss expense related to loans and $7.8 million in net charge-offs in the second quarter of 2019. The allowance for credit losses on loans as a percentage of total loans was 1.39 percent at June 30, 2020, compared to 1.72 percent at the end of the first quarter of 2020 and 0.93 percent at the end of the second quarter of 2019. Excluding PPP loans which carry a guarantee from the SBA, the allowance for credit losses on loans as a percentage of total loans was 1.69 percent at the end of the second quarter of 2020. Non-performing assets were $85.2 million at the end of the second quarter of 2020, compared to $67.5 million at the end of the first quarter of 2020 and $76.4 million at the end of the second quarter of 2019. Credit loss expense related to off-balance-sheet credit exposures was $4.8 million in the second quarter of 2020, compared to $2.3 million in the first quarter of 2020.
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•The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the second quarter of 2020 were 12.48 percent, 12.48 percent and 14.43 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
•Net interest income on a taxable-equivalent basis was $269.7 million, a decrease of 2.9 percent compared to the prior year period. The net interest margin was 3.13 percent for the second quarter of 2020, down 43 basis points compared to the first quarter of 2020 net interest margin of 3.56 percent. Net interest margin decreased 72 basis points compared to 3.85 percent in the year-ago period.
•Non-interest income for the second quarter of 2020 totaled $77.6 million, a decrease of $5.0 million, or 6.1 percent, from the $82.6 million reported for the second quarter of 2019. Service charges on deposits for the second quarter decreased $4.2 million, or 19.4 percent, compared to the same period in 2019. The decrease was primarily related to decreases in overdraft/insufficient funds charges on consumer and commercial accounts. Overdraft/insufficient funds charges were impacted by lower volumes in the second quarter. Other charges, commissions and fees for the second quarter decreased $1.3 million, or 14.2 percent, compared to the second quarter of 2019. The decrease was driven by a decrease in sales of investment products and services, among other things. Interchange and debit card transaction fees decreased by $902,000, or 23.3 percent, compared to the second quarter a year earlier. Revenue from interchange and debit card transactions was impacted by reduced transaction volumes resulting from the COVID-19 pandemic. Trust and investment management fees and insurance commissions and fees for the second quarter each increased by approximately $600,000 (2.0 percent and 5.4 percent, respectively) compared to the second quarter of 2019. The increase in trust investment fees was primarily related to an increase in the number of accounts. The increase in insurance commissions and fees was driven by increased commissions from commercial lines and, to a lesser extent, increased commissions on sales of personal lines property and casualty insurance.
•Non-interest expense was $199.7 million for the quarter, down $3.5 million, or 1.7 percent, compared to the $203.2 million reported for the second quarter a year earlier. Other non-interest expense of $36.1 million represented a $10.2 million, or 22.0 percent, decrease compared to the second quarter of 2019.
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The decrease was driven by decreases in advertising/promotions expense (down $3.1 million); travel, meals and entertainment expense (down $3.0 million); and business development expense (down $806,000), among other things. Another driver of the decrease in other non-interest expense in the second quarter of 2020 was $1.8 million in PPP-related expense deferrals. Employee benefits expense for the second quarter of 2020 decreased $1.2 million, or 5.9 percent, compared to the same period in 2019. The decrease in employee benefits expense during the three months ended June 30, 2020 was primarily related to decreases in certain discretionary benefit plan expenses partly offset by an increase in medical benefits expense and payroll taxes. Salaries and wages expense was $90.4 million in the second quarter of 2020, down $440,000 or 0.5% compared to the second quarter of 2019. The decrease was primarily related to the deferral of some salary costs as loan origination costs in connection with the high volume of PPP loan originations during the second quarter of 2020. PPP-related salary expense deferrals in the second quarter of 2020 were $5.5 million. Second quarter net occupancy expense increased by $4.1 million, or 19.6 percent, compared to the same period in 2019, primarily driven by our move starting in June of 2019 into our new corporate headquarters building in San Antonio and other leases related to existing facilities and to our expansion within the Houston market area. Technology, furniture and equipment expense for the second quarter increased by $3.9 million or 17.6 percent from the second quarter of 2019. The increases were primarily related to increases in cloud services expense (up $2.4 million), depreciation of furniture and equipment (up $961,000) and software maintenance expense (up $523,000).
The Cullen/Frost board declared a third-quarter cash dividend of $0.71 per common share, payable September 15, 2020 to shareholders of record on August 31 of this year.
Cullen/Frost Bankers, Inc. will host a conference call on Thursday, July 30, 2020, at 10 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a “listen only” mode at 1-800-944-6430 or via webcast on our investor relations website linked below. Playback of the conference call will be available after 2 p.m. CT on the day of the call until midnight Sunday, August 2, 2020 at 855-859-2056 with Conference ID # of 9885929. A replay of the call will also be available by webcast at the URL listed below after 2 p.m. CT on the day of the call.
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Cullen/Frost investor relations website: www.frostbank.com/investor-relations/
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $39.4 billion in assets at June 30, 2020. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

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Forward-Looking Statements and Factors that Could Affect Future Results
Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), including statements regarding the potential effects of the ongoing COVID-19 pandemic on our business, financial condition, liquidity and results of operations, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes”, “anticipates”, “expects”, “intends”, “targeted”, “continue”, “remain”, “will”, “should”, “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
•Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
•Volatility and disruption in national and international financial and commodity markets.
Government intervention in the U.S. financial system.
•Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
•Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
•The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
•Inflation, interest rate, securities market and monetary fluctuations.
•The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
•The soundness of other financial institutions.
•Political instability.
•Impairment of our goodwill or other intangible assets.
•Acts of God or of war or terrorism.
•The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
•Changes in consumer spending, borrowings and savings habits.
•Changes in the financial performance and/or condition of our borrowers.
•Technological changes.
•The cost and effects of failure, interruption, or breach of security of our systems.
•Acquisitions and integration of acquired businesses.
•Our ability to increase market share and control expenses.
•Our ability to attract and retain qualified employees.
•Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
•The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
•Changes in the reliability of our vendors, internal control systems or information systems.
•Changes in our liquidity position.
•Changes in our organization, compensation and benefit plans.
•The impact of the ongoing COVID-19 pandemic and any other pandemic, epidemic or health-related crisis.
•The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
•Greater than expected costs or difficulties related to the integration of new products and lines of business.
•Our success at managing the risks involved in the foregoing items.
Further, statements about the potential effects of the ongoing COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.
Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
6

Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
20202019
2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr
CONDENSED INCOME STATEMENTS
Net interest income$245,811  $244,521  $251,098  $253,007  $253,431  
Net interest income (1)
269,722  268,453  275,038  276,618  277,751  
Credit loss expense (2)
31,975  175,197  8,355  8,001  6,400  
Non-interest income:
Trust and investment management fees31,060  34,473  32,928  31,649  30,448  
Service charges on deposit accounts17,580  22,651  23,454  22,941  21,798  
Insurance commissions and fees10,668  16,485  12,138  11,683  10,118  
Interchange and debit card transaction fees 2,966  3,255  3,608  4,117  3,868  
Other charges, commissions and fees7,663  9,365  9,020  10,108  8,933  
Net gain (loss) on securities transactions—  108,989  28  96  169  
Other7,664  17,697  14,079  8,630  7,304  
Total non-interest income 77,601  212,915  95,255  89,224  82,638  
Non-interest expense:
Salaries and wages90,350  98,812  97,951  93,812  90,790  
Employee benefits18,861  24,889  21,651  21,002  20,051  
Net occupancy25,266  25,384  24,864  24,202  21,133  
Technology, furniture and equipment26,046  25,240  25,759  22,415  22,157  
Deposit insurance2,800  2,624  2,374  2,491  2,453  
Intangible amortization241  257  264  274  305  
Other 36,115  46,957  47,943  44,668  46,320  
Total non-interest expense 199,679  224,163  220,806  208,864  203,209  
Income before income taxes91,758  58,076  117,192  125,366  126,460  
Income taxes(1,314) 3,323  13,511  13,530  14,874  
Net income93,072  54,753  103,681  111,836  111,586  
Preferred stock dividends—  2,016  2,016  2,016  2,015  
Redemption of preferred stock—  5,514  —  —  —  
Net income available to common shareholders$93,072  $47,223  $101,665  $109,820  109,571  
PER COMMON SHARE DATA
Earnings per common share - basic$1.47  $0.75  $1.61  $1.74  $1.73  
Earnings per common share - diluted1.47  0.75  1.60  1.73  1.72  
Cash dividends per common share0.71  0.71  0.71  0.71  0.71  
Book value per common share at end of quarter63.97  61.17  60.11  59.76  57.39  
OUTSTANDING COMMON SHARES
Period-end common shares62,670  62,553  62,669  62,537  62,638  
Weighted-average common shares - basic62,596  62,643  62,609  62,566  62,789  
Dilutive effect of stock compensation205  407  625  593  765  
Weighted-average common shares - diluted62,801  63,050  63,234  63,159  63,554  
SELECTED ANNUALIZED RATIOS
Return on average assets0.99 %0.57 %1.21 %1.35 %1.40 %
Return on average common equity9.60  4.88  10.74  11.83  12.60  
Net interest income to average earning assets 3.13  3.56  3.62  3.76  3.85  
(1) Taxable-equivalent basis assuming a 21% tax rate.
(2) Provision for loan losses for periods prior to the first quarter of 2020.
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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
20202019
2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr
BALANCE SHEET SUMMARY
($ in millions)
Average Balance:
Loans17,550  $14,995  $14,705  $14,471  $14,375  
Earning assets35,128  30,804  30,621  29,693  29,114  
Total assets37,838  33,534  33,314  32,248  31,491  
Non-interest-bearing demand deposits13,785  10,737  10,772  10,316  10,148  
Interest-bearing deposits17,528  16,654  16,414  16,036  15,845  
Total deposits31,313  27,391  27,186  26,352  25,993  
Shareholders' equity3,899  4,009  3,900  3,828  3,632  
Period-End Balance:
Loans$17,972  $15,338  $14,750  $14,635  $14,459  
Earning assets36,613  31,440  31,281  30,358  29,216  
Goodwill and intangible assets657  657  657  658  658  
Total assets39,378  34,147  34,027  33,098  31,817  
Total deposits32,679  28,141  27,640  27,084  25,985  
Shareholders' equity4,009  3,827  3,912  3,881  3,739  
Adjusted shareholders' equity (1)
3,521  3,463  3,644  3,576  3,520  
ASSET QUALITY
($ in thousands)
Allowance for credit losses on loans:$250,061  $263,881  $132,167  $136,559  $134,929  
As a percentage of period-end loans1.39 %1.72 %0.90 %0.93 %0.93 %
Net charge-offs:$41,048  $38,646  $12,747  $6,371  $7,821  
Annualized as a percentage of average loans0.94 %1.04 %0.34 %0.17 %0.22 %
Non-performing assets:
Non-accrual loans$79,461  $66,727  $102,303  $97,446  $71,521  
Restructured loans4,932  —  6,098  6,160  3,973  
Foreclosed assets806  806  1,084  1,427  907  
Total$85,199  $67,533  $109,485  $105,033  $76,401  
As a percentage of:
Total loans and foreclosed assets0.47 %0.44 %0.74 %0.72 %0.53 %
Total assets0.22  0.20  0.32  0.32  0.24  
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio12.48 %12.02 %12.36 %12.35 %12.29 %
Tier 1 Risk-Based Capital Ratio12.48  12.02  12.99  12.99  12.94  
Total Risk-Based Capital Ratio14.43  13.97  14.57  14.63  14.60  
Leverage Ratio8.01  8.84  9.28  9.36  9.40  
Equity to Assets Ratio (period-end)10.18  11.21  11.50  11.73  11.75  
Equity to Assets Ratio (average)10.30  11.95  11.71  11.87  11.53  
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
Six Months Ended
June 30,
20202019
CONDENSED INCOME STATEMENTS
Net interest income$490,332  $499,900  
Net interest income (1)
538,174  548,930  
Credit loss expense (2)
207,172  17,403  
Non-interest income:
Trust and investment management fees65,533  62,145  
Service charges on deposit accounts40,231  42,588  
Insurance commissions and fees27,153  28,524  
Interchange and debit card transaction fees 6,221  7,148  
Other charges, commissions and fees17,028  17,995  
Net gain (loss) on securities transactions108,989  169  
Other25,361  20,854  
Total non-interest income 290,516  179,423  
Non-interest expense:
Salaries and wages189,162  183,266  
Employee benefits43,750  43,577  
Net occupancy50,650  40,400  
Technology, furniture and equipment51,286  43,821  
Deposit insurance5,424  5,261  
Intangible amortization498  630  
Other 83,072  88,054  
Total non-interest expense 423,842  405,009  
Income before income taxes149,834  256,911  
Income taxes2,009  28,829  
Net income147,825  228,082  
Preferred stock dividends2,016  4,031  
Redemption of preferred stock5,514  —  
Net income available to common shareholders$140,295  $224,051  
PER COMMON SHARE DATA
Earnings per common share - basic$2.22  $3.53  
Earnings per common share - diluted2.21  3.51  
Cash dividends per common share1.42  1.38  
Book value per common share at end of quarter63.97  57.39  
OUTSTANDING COMMON SHARES
Period-end common shares62,670  62,638  
Weighted-average common shares - basic62,619  62,899  
Dilutive effect of stock compensation301  791  
Weighted-average common shares - diluted62,920  63,690  
SELECTED ANNUALIZED RATIOS
Return on average assets0.79 %1.44 %
Return on average common equity7.24  13.32  
Net interest income to average earning assets 3.33  3.82  
(1) Taxable-equivalent basis assuming a 21% tax rate.
(2) Provision for loan losses for periods prior to the first quarter of 2020.

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Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
As of or for the
Six Months Ended
June 30,
20202019
BALANCE SHEET SUMMARY ($ in millions)
Average Balance:
Loans$16,272  $14,291  
Earning assets32,966  29,035  
Total assets35,693  31,391  
Non-interest-bearing demand deposits12,261  10,170  
Interest-bearing deposits17,091  15,882  
Total deposits29,352  26,052  
Shareholders' equity3,954  3,537  
Period-End Balance:
Loans17,972  14,459  
Earning assets36,613  29,216  
Goodwill and intangible assets657  658  
Total assets39,378  31,817  
Total deposits32,679  25,985  
Shareholders' equity4,009  3,739  
Adjusted shareholders' equity (1)
3,521  3,520  
ASSET QUALITY ($ in thousands)
Allowance for credit losses on loans:$250,061  $134,929  
As a percentage of period-end loans1.39 %0.93 %
Net charge-offs:$79,694  $14,606  
Annualized as a percentage of average loans0.98 %0.21 %
Non-performing assets:
Non-accrual loans$79,461  $71,521  
Restructured loans4,932  3,973  
Foreclosed assets806  907  
Total$85,199  $76,401  
As a percentage of:
Total loans and foreclosed assets0.47 %0.53 %
Total assets0.22  0.24  
CONSOLIDATED CAPITAL RATIOS
Common Equity Tier 1 Risk-Based Capital Ratio12.48 %12.29 %
Tier 1 Risk-Based Capital Ratio12.48  12.94  
Total Risk-Based Capital Ratio14.43  14.60  
Leverage Ratio8.01  9.40  
Equity to Assets Ratio (period-end)10.18  11.75  
Equity to Assets Ratio (average)11.08  11.27  
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

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Cullen/Frost Bankers, Inc.
TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)
20202019
2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr
TAXABLE-EQUIVALENT YIELD/COST (1)
Earning Assets:     
Interest-bearing deposits0.10 %1.24 %1.64 %2.19 %2.64 %
Federal funds sold and resell agreements0.27  1.22  1.71  2.21  2.48  
Securities3.53  3.46  3.37  3.43  3.42  
Loans, net of unearned discounts3.95  4.65  4.88  5.16  5.34  
Total earning assets3.24  3.84  3.98  4.21  4.33  
Interest-Bearing Liabilities:
Interest-bearing deposits:
Savings and interest checking0.02  0.02  0.04  0.07  0.08  
Money market deposit accounts0.09  0.50  0.66  0.93  1.03  
Time accounts1.40  1.67  1.72  1.74  1.66  
Public funds0.09  0.85  1.05  1.34  1.51  
Total interest-bearing deposits0.14  0.39  0.49  0.63  0.68  
Total deposits0.08  0.24  0.29  0.39  0.41  
Federal funds purchased and repurchase agreements0.15  0.95  1.21  1.53  1.69  
Junior subordinated deferrable interest debentures2.90  3.54  3.83  4.18  4.34  
Subordinated notes 4.71  4.71  4.71  4.71  4.71  
Federal Home Loan Bank advances0.29  —  —  —  —  
Total interest-bearing liabilities0.19  0.47  0.59  0.75  0.80  
Net interest spread3.05  3.37  3.39  3.46  3.53  
Net interest income to total average earning assets3.13  3.56  3.62  3.76  3.85  
AVERAGE BALANCES
($ in millions)
Assets:   
Interest-bearing deposits$4,986  $2,586  $2,000  $1,566  $1,171  
Federal funds sold and resell agreements92  260  275  212  246  
Securities12,501  12,963  13,641  13,444  13,322  
Loans, net of unearned discount17,550  14,995  14,705  14,471  14,375  
Total earning assets$35,128  $30,804  $30,621  $29,693  $29,114  
Liabilities:
Interest-bearing deposits:
Savings and interest checking$7,615  $7,030  $6,850  $6,712  $6,774  
Money market deposit accounts8,230  7,874  7,905  7,763  7,588  
Time accounts1,118  1,109  1,069  1,023  970  
Public funds565  640  590  538  513  
Total interest-bearing deposits17,528  16,654  16,414  16,036  15,845  
Total deposits31,313  27,391  27,186  26,352  25,993  
Federal funds purchased and repurchase agreements1,295  1,259  1,418  1,291  1,242  
Junior subordinated deferrable interest debentures136  136  136  136  136  
Subordinated notes99  99  99  99  99  
Federal Home Loan Bank advances440  —  —  —  —  
Total interest-bearing funds$19,498  $18,149  $18,067  $17,562  $17,322  
(1) Taxable-equivalent basis assuming a 21% tax rate.
11

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